BSE Sensex, NSE Nifty were trading flat ahead of TCS’ Q4 results with analysts expecting a weak set of numbers from the IT major.
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Experts highlight that the management hinted at decline in revenues at its mid-quarter analyst meet last month.
“We expect 2% q/q USD revenue growth for TCS for the Mar-14 quarter. At its quarterly analyst meeting, management highlighted that sequential revenue growth in Q4FY14 was likely to be weaker than Q3FY14 (in constant currency, 2.1% cc growth in Q3) due to a decline in India revenues. We expect a c30bps q/q decline in its EBIT margin as we believe that operational improvements likely offset some of the impact of reinvestments,” Barclays said in a recent note.
Among sectoral indices, the BSE IT (-1.76%), BSE Capital Goods (-0.24%) and BSE Realty (-0.2%) were the major losers. Among individual stocks, Infosys (-2.80%), TCS (-1.83%) and HDFC (-1.03%) were the major losers on the 30-share Sensex.
Most Asian indices were trading in the green. The Nikkei (2.67%), Hang Seng (0.63%), Kospi (0.09%), Straits Times (0.20%) and Shanghai Composite (0.26%) were the major gainers.